Wan Gang, China's minister of the Ministry of Science and Technology meets the press ata press conference for the third session of the 12th NPC in Beijing, March 11, 2015. [Photo/Chinanews.com]

China a start-up hub

In the past year, China's technology trade turnover reached 857.7 billion yuan (about $136.8 billion), said Wan Gang, Minister of Science and Technology on Wednesday.

China has more than 1,000 active investment institutes for start-ups, with a total capital of more than 350 billion yuan. More than 1,600 incubators for technology businesses and 115 science parks in universities have altogether incubated more than 80,000 companies, taking on 1.7 million employees.

"The Internet draws entrepreneurs and consumers closer. It enables them to set up a website with low fixed costs, connecting people to their service at a much lower marginal cost," Wan said.

Wan pledged that China will further lower the threshold to encourage entrepreneurship, including giving subsidies to start-up companies for renting spaces, using Internet and public service, and providing entrepreneurship training.